TorFX

What TorFX does

TorFX (legally Tor Currency Exchange Ltd) is a UK-headquartered international money transfer specialist founded in 2004 in Penzance, Cornwall, and operated as part of the Redpin group. The company provides cross-border currency transfer and payment services to both personal and business customers, supporting transfers in 40+ currencies to 120+ countries. It is authorised by the Financial Conduct Authority as an Electronic Money Institution (FRN 900706) and extends EU coverage through Currencies Direct Spain, E.D.E., S.L., authorised by the Bank of Spain. TorFX holds a Dun & Bradstreet Level 1 credit rating (minimum risk).

The platform is delivered through a web-based Online FX Platform, native iOS/Android mobile applications with biometric authentication, and 24/7 phone support, with transfers above £25,000 routed through dedicated personal account managers. Functional capabilities include multi-currency currency wallets, rate alerts, forward contracts (up to 24 months), limit orders, stop loss orders, automated regular transfers via Direct Debit, and a native Xero bank feed integration for business reconciliation. The product surface is segmented into Personal services (large transfers, everyday transfers, regular transfers, emigration, repatriation, overseas property purchase) and Business services (international payments, FX risk management, case-study-led acquisition).

TorFX operates a spread-based revenue model, earning margin on the interbank exchange rate rather than explicit transfer fees. The go-to-market combines direct sales (account managers and 24/7 phone), self-service digital channels (web and mobile), and a structured partner programme covering referral, white label, and API integrations targeting financial advisers, accountants, estate agents, and relocation specialists. Distribution is further amplified by Refer-a-Friend (£50 per referral) and Refer-a-Business (£100 Amazon voucher) programmes, plus a Redpin-group presence spanning the UK, Spain, Australia, the United States, and South Africa. The group processes £10bn+ in foreign exchange and international payments annually across 500,000+ customers and 600,000+ payments.

Name

TorFX

Legal name

Tor Currency Exchange Ltd

Website

https://torfx.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

501–1,000 employees

Short description

TorFX is a UK-authorised international money transfer specialist serving 500,000+ personal and business customers across 120+ countries, generating revenue from interbank-rate spreads via a hybrid human-plus-digital platform under the Redpin group.

Ownership category

akta.pro rank

Product category

International Money Transfer and Foreign Exchange Services

NAICS

Commodity Contracts Intermediation (52316), Securities and Commodity Contracts Intermediation and Brokerage (5231), Investment Banking and Securities Intermediation (523150)

SIC

Finance Services (6199)

akta.pro primary industry

Cross-Border & FX Payments Platforms (BPAMAFAK)

akta.pro secondary industries

FX Conversion, Pricing & Hedging Infrastructure (Treasury/Rate Engines) (FSAGAKAG), Cross-border Payments, FX & Multi-currency Checkout (CRAFAJAF)

Keywords

• International money transfers
• Foreign exchange services
• Cross-border payments
• FX risk management
• Currency exchange brokerage

Headquarters

HQ city

Penzance

HQ country

United Kingdom

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Exchange Rate Margin: TorFX adds a small margin to the interbank rate when offering exchange rates to customers. The rate agreed with the account manager is exactly what the customer receives, with no additional transfer fees or commission.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

TorFX provides international money transfer and foreign exchange services for personal and business customers, offering competitive exchange rates with a margin over the interbank rate and no separate transfer fees. Customers can transfer 40+ currencies to 120+ countries via an online platform, mobile app, or through dedicated personal account managers, with additional FX risk management tools including forward contracts, limit orders, and stop loss orders.

Product overview

TorFX operates as a unified currency transfer platform offering both personal and business international payment services. The core offering consists of Personal International Money Transfers with specialized sub-products for Large Transfers (above £25,000), Everyday Transfers (up to £25,000 via online/app), and Regular Transfers (automated £500-10,000 monthly payments). Personal services extend to emigration, repatriation, and property purchase use cases. Business services include International Business Payments with Xero integration and dedicated FX Risk Management tools (forward contracts, limit orders, stop loss orders). The platform is accessible via a web-based Online FX Platform and native iOS/Android mobile applications. Supporting programmes include Refer a Friend (£50 per referral) and Refer a Business (£100 Amazon voucher), while the Partner Portal enables third-party partnerships through referral, white label, and API integration models.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal International Money Transfers Core currency transfer service enabling individuals to send money abroad with competitive exchange rates, zero transfer fees, and dedicated account management support.
• Large Transfers
• Everyday Transfers 24/7 online and app-based transfer service for amounts up to £25,000, featuring the TorFX mobile application for managing transfers on the go.
• Regular Transfers Automated recurring payment service for transfers between £500 and £10,000 monthly, using Direct Debit with optional rate locking for up to 12 months.
• Emigration Currency Services Currency transfer solutions tailored for individuals relocating abroad, covering pension transfers, regular payments, and lump-sum transfers with specialist guidance.
• Repatriation of Funds Service for returning funds to the UK from overseas, including proceeds from property sales, inheritance, and investment returns with timing optimization support.
• Overseas Property Purchase Transfers Currency transfer service for purchasing property abroad, handling deposits and ongoing payments with competitive rates and expert guidance.
• Business International Payments Comprehensive FX and international payment solution for businesses including supplier payments, payroll, and multi-currency transaction management with Xero integration.
• Business FX Risk Management FX risk management tools including forward contracts, limit orders, and stop loss orders to protect businesses from currency volatility.
• Partner Portal Partner relationship management platform offering referral tracking, commission monitoring, and marketing material access for referral, white label, and API integration partners.
• TorFX Mobile Application iOS and Android mobile application enabling 24/7 transfers, real-time payment tracking, and secure account management on mobile devices with biometric authentication.
• Online FX Platform Web-based platform for managing currency transfers, accessing live exchange rates, tracking payments, and managing recipients 24/7.

Quantifiable outcome

• £10 billion transferred annually across 600,000+ payments
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature6 records

Partnerships

Three partnerships are on record, tiered core.

• XerocoreTechnology or IntegrationXero bank feed integration allows automatic import of transfer details into Xero accounting software, simplifying invoice and payment matching, improving financial visibility, and enabling real-time reconciliation for business customers.
• RedpincoreOthersTorFX is part of Redpin, a global group with over 35 offices worldwide. The group is home to more than 800 people and processes in excess of £10bn in foreign exchange and international payments per annum.
• Currencies Direct SpaincoreOthersEU services provided by Currencies Direct Spain, E.D.E., S.L., authorized by Bank of Spain as Electronic Money Institution under Law 21/2011.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Currencies Direct: UK currency broker under the same Redpin parent group offering personal and business FX transfers with similar products (forward contracts, limit orders, account manager model) — most direct comparable on product and customer profile.
• Wise: Leading UK-headquartered international money transfer specialist offering multi-currency accounts and cross-border payments to individuals and businesses — directly competes with TorFX on FX pricing, transfers and risk tools.
• OFX: Global currency transfer and risk management provider for individuals and SMBs offering spot transfers, forward contracts and limit orders — overlapping product suite and target segments with TorFX, especially in property/ emigration use cases.
• WorldRemit: Digital cross-border money transfer platform serving senders in developed markets to recipients across emerging markets — competes for the personal international transfer wallet share with similar digital-plus-support proposition.
• MoneyGram: Global money transfer operator with both cash-pickup and digital channels serving personal remittance senders — competes with TorFX for personal international transfers and increasingly for SMB digital flows.
• Remitly: Digital-first remittance platform serving diaspora senders worldwide — comparable on personal cross-border money transfer use cases and digital self-serve delivery model.
• Equals Money: UK-listed (formerly FairFX) currency card and payment platform serving both consumers and businesses with FX and travel money — comparable product breadth in personal/business FX and UK customer base.

Broad incumbents

• Western Union: Global incumbent in cross-border money transfers with the largest agent network — broader portfolio than TorFX but directly competes for personal remittance and high-street money transfer demand.
• Revolut: UK digital bank with embedded multi-currency accounts and FX transfers to individuals and SMBs — broader neobank proposition but directly takes share from FX specialists like TorFX on standard international transfers.
• Xoom (PayPal): PayPal-owned digital money transfer service for personal remittances and bill payments — comparable on personal cross-border transfers with strong digital brand backing.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/torfx
• LinkedInuk.linkedin.com/company/torfx
• Xx.com/TorFX

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TorFX